The Naira weakened to N1,515 per dollar in the parallel market on Tuesday, down from N1,510 per dollar the previous day. Similarly, in the Nigerian Foreign Exchange Market (NFEM), the currency depreciated to N1,502 per dollar, reflecting a N3 drop from Monday’s rate of N1,499 per dollar, according to data from the Central Bank of Nigeria (CBN).
As a result, the exchange rate gap between the parallel market and the NFEM widened to N13 per dollar, up from N11 per dollar on Monday, highlighting continued volatility in the forex market.
